U.K. Chancellor Says No Fiscal Moves Before Year-End Statement

The new U.K. chancellor of the exchequer, Philip Hammond, said he’ll wait until his end-of-year policy statement to Parliament before announcing any new tax and expenditure measures following Britain’s vote to leave the European Union.

“I have no plans to reverse the spending plans set out by my predecessor at the moment; any such plans will be set out in the Autumn Statement,” Hammond told lawmakers in London on Tuesday. “As further post-referendum economic data is published, the short-term response of the economy to the Brexit decision will become clearer, and if further measures are required, they will be announced in the Autumn Statement,” he said. The chancellor usually sets out his policy in late November or early December.